SolarCity Corp CEO Unloads $7,245,000 in Stock (SCTY)
SolarCity Corp (NASDAQ:SCTY) CEO Lyndon R. Rive sold 100,000 shares of the stock on the open market in a transaction dated Monday, August 18th. The stock was sold at an average price of $72.45, for a total value of $7,245,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
SolarCity Corp (NASDAQ:SCTY) traded down 0.28% during mid-day trading on Thursday, hitting $70.28. 921,439 shares of the company’s stock traded hands. SolarCity Corp has a 1-year low of $28.31 and a 1-year high of $88.35. The stock’s 50-day moving average is $69.9 and its 200-day moving average is $64.75. The company’s market cap is $6.514 billion.
SolarCity Corp (NASDAQ:SCTY) last announced its earnings results on Thursday, August 7th. The company reported ($0.52) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.99) by $0.47. The company had revenue of $61.30 million for the quarter, compared to the consensus estimate of $63.24 million. During the same quarter last year, the company posted ($0.31) earnings per share. SolarCity Corp’s revenue was up 61.7% compared to the same quarter last year. Analysts expect that SolarCity Corp will post $-3.99 EPS for the current fiscal year.
A number of analysts have recently weighed in on SCTY shares. Analysts at S&P Equity Research reiterated a “sell” rating on shares of SolarCity Corp in a research note on Tuesday. They now have a $39.46 price target on the stock, down previously from $47.65. Separately, analysts at Robert W. Baird downgraded shares of SolarCity Corp from an “outperform” rating to a “neutral” rating in a research note on Tuesday. They now have a $83.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Morgan Stanley initiated coverage on shares of SolarCity Corp in a research note on Thursday, August 14th. They set an “equal weight” rating and a $92.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $82.95.
SolarCity Corporation (NASDAQ:SCTY) is engaged in the design, installation and sale or lease of solar energy systems to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.
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